Bankers charged with rigging Euro rates

Elise Fleischaker Industry News

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Deutsche Welle: Bankers charged in euro rate-rigging case

Nearly a dozen former top bankers have been charged with colluding to rig a key euro benchmark borrowing rate. But almost half the defendants didn’t appear in court.

A group of former bankers on Monday became the first to be formally charged with manipulating the Euro Interbank Offered Rate (Euribor) – a daily reference rate compiled from estimates that Eurozone banks give of their cost of borrowing.
The case involves former employees of Deutsche Bank, Barclays and Societe Generale, and includes former middle managers, traders and rate submitters of six nationalities.

However, nearly half of the defendants were no-shows in the London court, with just six of the total 11 suspects appearing for the preliminary hearing. A first hearing was scheduled for Wednesday.

Read the full article on DEUTSCHE WELLE